Proposed FHA Loan Limits Change on October 1, 2011
If passed, these proposed loan limit changes will restrict the size of loans that can be insured by the Federal Housing Administration. Out of 3,334 counties nationwide, 669 will be affected by these changes, the rest most likely will remain the same.
Streamline refinance loans will not be affected. Personally I don't see a lot of FHA loans coming in that high in the local market of Washington County, Utah. The impact may be greater in other areas of the country where homes prices are typically higher.
The following proposed changes are for Washington County, Utah:
Current FHA Single-Family Loan Limit is $372,500.
Proposed FHA Single-Family Loan Limit will be $278,300.
-- Difference of $94,200!
For more information and a copy of the press release, go to: http://portal.hud.gov/hudportal/documents/huddoc?id=fhaloanlmhera.pdf
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I, Wanda Kubat-Nerdin at Prado & Kramer Real Estate am responsible for my opinions expressed in this blog. Information herein is deemed to be reliable but not guaranteed and may change due to market conditions. Please do not take my pictures or artwork and use them as your own, they are my property, Copyright ©